Required:A. On the transaction summary table, indicate the effect of each transaction on each account. Put “+” if the account has increased or “-“ if the account has decreased. Put the amount of increase or decrease for each account.B. Construct T-accounts for the account titles used with the normal balances.C. Prepare the journal entries of Kaizen Consultancy Services for the month of March, 2019. DateTransactionMarch 1Caleb invested P50,000 cash and P20,000 equipment to his KaizenConsultancy Services.3 Bought P15,000 equipment from Triple M Čo., on credit.6 Consultancy services rendered on account, P12,000.6 Paid Triple M Co., P5,000 as partial payment of account.7 Consultancy services rendered for cash, P8,000.8 Collected P3,000 from a customer.10 Received electric bill from Meralco, P2,800.12 Returned P1,500 defective equipment to Triple M Co.Caleb withdrew P9,000 from the company's bank account and deposited it13to his own acCount.14 Paid electric bill to Meralco.15 Caleb withdrew P40,000 for his vacation.23 Paid Triple M Co., in fullI.24 Caleb deposited P14,000 to the company's bank account. Kaizen Consultancy ServicesChart of AcCountsBalance Sheet AccountsAssets:Liabilities:110 Cash210 Accounts Payable120 Accounts Receivable220 Notes Payable130 Equipment230 Utilities Payable135 Accumulated Depreciation260 Unearned Service RevenueOwner's Equity310 C. Hahn, Capital320 C. Hahn, Drawing330 Income SummaryIncome Statement AccountsIncome:Expenses:410 Service Revenue510 Rent Expense520 Utilities Expense530 Depreciation Expense - OfficeEquipment

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Required: A. On the transaction summary table, indicate the effect of each transaction on each account. Put “+” if the account has increased or “-“ if the account has decreased. Put the amount of increase or decrease for each account. B. Construct T-accounts for the account titles used with the normal balances. C. Prepare the journal entries of Kaizen Consultancy Services for the month of March, 2019.

Required: A. On the transaction summary table, indicate the effect of each transaction on each account. Put “+” if the account has increased or “-“ if the account has decreased. Put the amount of increase or decrease for each account. B. Construct T-accounts for the account titles used with the normal balances. C. Prepare the journal entries of Kaizen Consultancy Services for the month of March, 2019.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 18EB: Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received...

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A business has the following transactions: A. The business is started by receiving cash from an investor in exchange for common stock $10,000. B. Rent of $1,250 is paid for the first month. C. Office supplies are purchased for $375. D. Services worth $3,450 are performed. Cash is received for half. E. Customers pay $1,250 for services to be performed next month. F. $6,000 is paid for a one year insurance policy. G. We receive 25% of the money owed by customers in D. H. A customer has placed an order for $475 of services to be done this coming week. How much total revenue does the company have?
DATE TRANSACTIONS March 1 Caleb tinvesteed P 50,000 cash and P 20,000 equipment to his Kaizen Consultancy Services. 3 Bought P 15,000 equipment from Triple M Co. on credit. 6 Consultancy services rendered on account P 12,000 6 Paid Triple M Co., P5,000 as partial payment of account. 7 Consultancy services rendered for cash P8,000 8 Collected P3,000 from a customer. 10 Received electric bill from Meralco P 2,800. 12 Returned P 1,500 defective equipment to Triple M Co. 13 Caleb withdrew P 9,000 from the company’s bank account and deposited it to his own account. 14 Paid electric bill to Meralco. 15 Caleb withdrew P40,000 for his vacation. 23 Paid Triple M Co.,, in full. 24 Caleb deposited P 14,000 to the company’s bank account. 28 Paid telephone bill for the month P9,600. This bill includes P 6,000 of Caleb’s personal plan. Construct T- Accounts for the Account titles used with the Normal Balance. Prepare the journal entries of Kaizen Consultancy Services for the month of March,…
DATE TRANSACTIONS March 1 Caleb tinvesteed P 50,000 cash and P 20,000 equipment to his Kaizen Consultancy Services. 3 Bought P 15,000 equipment from Triple M Co. on credit. 6 Consultancy services rendered on account P 12,000 6 Paid Triple M Co., P5,000 as partial payment of account. 7 Consultancy services rendered for cash P8,000 8 Collected P3,000 from a customer. 10 Received electric bill from Meralco P 2,800. 12 Returned P 1,500 defective equipment to Triple M Co. 13 Caleb withdrew P 9,000 from the company’s bank account and deposited it to his own account. 14 Paid electric bill to Meralco. 15 Caleb withdrew P40,000 for his vacation. 23 Paid Triple M Co.,, in full. 24 Caleb deposited P 14,000 to the company’s bank account. 28 Paid telephone bill for the month P9,600. This bill includes P 6,000 of Caleb’s personal plan. A. On the transaction summary table, indicate the effect of each transaction on each account, Put "+" if the account has increased or "-" if the account has…
MARCH 1 Caleb invested ₱50,000 cash and ₱20,000 equipment to his Kaizen Consultancy Services. 3 Bought ₱15,000 equipment from Triple M Co., on credit. 6 Consultancy services rendered on account, ₱12,000. 6 Paid Triple M Co., ₱5,000 as partial payment of account. 7 Consultancy services rendered for cash, ₱8,000. 8 Collected ₱3,000 from a customer. 10 Received electric bill from Meralco, ₱2,800. 12 Returned ₱1,500 defective equipment to Triple M Co. 13 Caleb withdrew ₱9,000 from the company’s bank account and deposited it to his own account. 14 Paid electric bill to Meralco. 15 Caleb withdrew ₱40,000 for his vacation. 23 Paid Triple M Co., in full. 24 Caleb deposited ₱14,000 to the company’s bank account. 28 Paid telephone bill for the month, ₱9,600. This bill includes ₱6,000 of Caleb’s personal plan.
January 1 RJ had invested RM100,000 cash and RM35,000 office equipment to the business as a means of capital. 6 Purchased office supplies RM10,000 on credit. 8 Purchased a second-hand van for RM35,000 in cash. 17 Completed services to customers for RM40,000 in cash. 20 Paid creditors RM5,000 for the office supplies purchased on 6 January. 25 Completed services for customer amounting RM25,000 and billed to the account. 29 Paid RM5,000 for employee salaries. 29 Paid electric and miscellaneous expenses for the month RM2,000 and RM2,500 respectively. 29 RJ withdrew cash RM10,000 for personal use. 30 Customer paid his bill in full amount for the services rendered on 25 January. REQUIRED: (a) Journalise the transactions for the month of January 2020. (Explanation is not required). Prepare Cash Account and determine the account balance
March 1 Caleb tinvesteed P 50,000 cash and P 20,000 equipment to his Kaizen Consultancy Services. 3 Bought P 15,000 equipment from Triple M Co. on credit. 6 Consultancy services rendered on account P 12,000 6 Paid Triple M Co., P5,000 as partial payment of account. 7 Consultancy services rendered for cash P8,000 8 Collected P3,000 from a customer. 10 Received electric bill from Meralco P 2,800. 12 Returned P 1,500 defective equipment to Triple M Co. 13 Caleb withdrew P 9,000 from the company’s bank account and deposited it to his own account. 14 Paid electric bill to Meralco. 15 Caleb withdrew P40,000 for his vacation. 23 Paid Triple M Co.,, in full. 24 Caleb deposited P 14,000 to the company’s bank account. 28 Paid telephone bill for the month P9,600. This bill includes P 6,000 of Caleb’s personal plan. Prepare the General Ledger for the given period. Prepare the Unadjusted Trial Balance
B. Application and Creation1. Case A – Algeria Co.Below are the cash transactions of Alderia Co. for December 31, 2015.Cash payment to suppliers of goods and services(25,000)Cash receipts from rendering of services 50,000Payment to owners (5,000)Proceeds from bank loans 25,000Proceeds from cash investment of owners 115,000Payment for acquisition of equipment 100,000Cash at the beginning of the year 1,000,000Instructions: Prepare the statement of cash flow using the indirect method.After which, answer the following questions. How much is cash flow from operating activities? How much is cash flow from investing activities? How much is cash flow from financing activities? How much is the net increase or decrease in cash for the year? How much is cash as at December 31, 2015?
Chin consulting service engaged in the following transactions during march 19x3 March 1 Rudy Chin invest 59,000 of cash to start the busuness 2. He purchaed office supplied of 200 on account 4 He paid 40,000 cash for building to use as future office 6. He performed service for customer and received cash 2000 9 He paid 100 on account payable 17 He performed service for customer on account 1600 23. He received 1,200 cash from a customer on account 31. He performed the following expenses, salary 1,200, rent 500 Required Record the proceedingntransactions in the journal of Chin Consulting Service. Key transactions by date and include an explaination for each entry, as illustrated the chapter. Use the following account: Cash, Account Receivable, Office Supplies, Building, Account Payable, Rudy Chin capital, Service Revnue, Salary Expense, Rent Expense
01 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(iv) a statement of profit or loss (income statement) for the year to date;
01 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(i) general journal for the transactions;
01 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.TASK : FIND A MISTAKE IN THE BALANCE SHEET AND CORRECT IT
01 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(i) general journal for the transactions;(ii) ledger accounts showing descriptions and balances;(iii) a trial balance;